Ripple CLO believes that the Second Circuit Court of Appeals will either affirm Judge Torres’ previous decision or expand on it.
Ripple CLO, Stuart Alderoty has offered a perspective that is both informative and perceptive regarding the ongoing legal struggle that is taking place between Ripple and the United States Securities and Exchange Commission (SEC).
Alderoty thinks that the possibilities vary from a full affirmation of Judge Torres’ decision by the Second Circuit to a potential enlargement of her rulings. Alderoty suggests that this could potentially occur as the case progresses.
Alderoty suggests that returning the matter to Judge Torres for further consideration is a less likely outcome than the other options.
Ripple CLO Stuart Alderoty Shares Major Insight Ahead of SEC Appeal
During a recent post on the X platform, Alderoty made a suggestion that the Second Circuit Court of Appeals would either uphold the decision that Judge Analisa Torres made or possibly elaborate on her ruling further.
In addition, the Chief Legal Officer of Ripple voiced confidence in the position of the XRP company, pointing out that the best possible conclusion that the SEC could hope for would be a remand to the lower court.
He noted that it is unlikely that the appeal will overturn Judge Torres’ findings, and the SEC’s best hope is a remand. In the event that such a scenario occurred, Ripple would readjust its initial defenses, including the “fair notice” response.
This defense raises the question of whether a party with ordinary intellect would have been aware that their acts were considered illegal.
Additionally, the Chief Legal Officer of Ripple drew a parallel between the Securities and Exchange Commission’s (SEC) consistent legal pursuit and the literary classic “Moby Dick,” which portrays Gary Gensler, the Chair of the SEC, as Captain Ahab.
“ The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them. Awkward.”
Additionally, Ripple CLO remarked in a lighthearted manner that the current situation is reminiscent of comedic features found in the film “My Cousin Vinny.” By making this humorous comparison, the Securities and Exchange Commission (SEC) has demonstrated its determination and apparent overreach in its regulatory action against Ripple.
Previous Rulings and Community Reactions
In the initial rounds of the dispute, the court issued a ruling in favor of Ripple, rejecting the arguments that the Securities and Exchange Commission had presented concerning the status of XRP as a security.
Alderoty updated the XRP community in the most recent post, reassuring them that the conclusion that “XRP is not a security” remains uncontested. This clarification strengthened the community’s attitude and sparked optimism that the price of XRP could potentially rebound.
In addition, legal analysts such as James Murphy and Fred Rispoli, as well as Marc Fagel, a former attorney for the Securities and Exchange Commission, have provided their perspectives on the proceedings.
Despite the Securities and Exchange Commission’s (SEC) decision not to appeal the disgorgement decision during the remedies phase, they pointed out that the ultimate judgment remains subject to dispute in the appellate briefs.
Nevertheless, in spite of the legal issues that Ripple is facing against the SEC, the imminent launch of its RLUSD stablecoin has the potential to push the price of XRP closer to the $2 milestone.
There has been a 3.5% gain in the price of XRP over the past week, and it is currently trading at $0.54. The total value of the cryptocurrency’s market cap is currently $30 billion, and its trading volume over the past 24 hours has been $622 million.
